Business, Legal & Accounting Glossary
v. to revoke a gift made in a will by destroying, selling or giving away the gift item during the lifetime of the testator (writer of the will). Example: a person writes in his/her will, “I leave my son my 1988 Cadillac automobile” and then Dad totals or sells the car. Nasty legal fights can arise if the supposed adeemed gift is not clearly identified, as in “I give Robert my family car.” Then the giver sells the Cadillac and buys a Jeep. Better will language would be: “To Johnny any (or the newest) automobile of which I shall be possessed at the time of my death.
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This glossary post was last updated: 26th April, 2020 | 0 Views.